The Great Heresies, by Hilaire
Belloc
Belloc offers his view of the transitions that occurred in
the west after the Reformation and the modern heresy that followed – the heresy
that we, in fact, are currently living through.
It will be my last post on this book.
The Transition
In the aftermath of the Reformation, men of Europe would
come to regard religion as a secondary thing; at the same time, the dissolution
of the Catholic position in Europe would unleash energies that Catholicism
restrained – especially in competition and commerce.
Both Catholic and Protestant cultures advanced in physical
sciences and colonization, but the Protestant cultures were more vigorous:
To take one example: in the
Protestant culture (save where it was remote and simple) the free peasant,
protected by ancient customs, declined.
He died out because the old customs which supported him against the rich
were broken up.
The rights (protected by custom) that the peasant previously
held in property were lost, leaving such men without substance in difficult
times. I have examined before the
position of the serf in the Middle Ages (and, more broadly, the
classical liberalism of the time); in many ways, the serf of the time
enjoyed more rights in his property and life than do the “free” men of the west
today.
But the great, the chief, example
of what was happening through the break-up of the old Catholic European unity,
was the rise of banking.
Usury was practiced everywhere, but
in the Catholic culture it was restricted by law and practiced with
difficulty. In the Protestant culture it
became a matter of course.
Belloc identifies the merchants of Holland and England as
introducing the practices of “modern banking.”
I am certainly no expert on the history of modern banking,
however I do believe the concepts of fractional-reserve banking and central
banks were legitimized and institutionalized in these two Protestant countries
(along with Sweden, also a Protestant country).
While I do not want to put words in Belloc’s mouth, it seems possible
that when he speaks of “usury” and modern banking, what he means is this idea
of charging interest on air.
[In an attempt to gain some understanding of this topic of usury
in the traditional Catholic view, I read several examinations online using a
search on the terms: usury Catholic
tradition. I found absolute
statements against the practice, statements of conditional acceptance, different
practices at different times driven by expanding foreign trade, etc. So…this is why I concluded the last sentence
in the preceding paragraph – I just don’t know what else Belloc could have
meant given the context in which he makes this statement.]
Confidence was on the Protestant side, and waning on the
Catholic. The Protestant countries had
superiority in financial, military and naval power. This was drastically exaggerated with the
establishment of the Protestant America.
Italy, Spain, and Portugal in decline; England, Germany (led
by Prussian Protestants) and America on the rise; France, confused and in
constant turmoil after the Revolution.
The Tide Turns
Belloc sees the tide turning against this Protestant wave at
around the turn of the last century (“somewhere between 1885 and 1904”;
coincidentally – or not – the start of the Progressive era). Not toward re-establishment of the Catholic
Church, but in terms of the breakdown of ideas that gave the Protestant culture
its strength.
Protestantism was being strangled
at its root, at its spiritual root; therefore the material fruits of that tree
were beginning to wither.
Belloc identifies two causes. The first, perhaps less important, was a
certain level of confidence reappearing in at least some nations of Catholic
Europe – specifically in the wealthier classes of these nations. More important was the decline of the
Protestant culture from within, “the great internal weakness of the Protestant
culture as opposed to the Catholic.”